As set forth in Section 223 of Restatement of Trusts (Second), also cited by the District Court in Feinberg, common law imposes liability on a successor trustee
to remedy the breach of a prior trustee and imposes liability for the breach of the duty to the extent to which a loss results from the successor trustee’s failure.
Bank National Association, as trustee, paying agent, registrar, authentication agent and transfer agent (with Wilmington Trust, National Association as successor trustee
, paying agent, registrar, authentication agent and transfer agent), and Deutsche Bank Trust Company Americas, as collateral agent, governing iHeartCommunications' 9.0% Priority Guarantee Notes due 2022
It is unclear who holds the privilege when a successor trustee
Redstone, (5) the Supreme Judicial Court of Massachusetts considered whether a successor trustee
's knowledge of a predecessor trustee's breach of fiduciary duty is sufficient to begin running the statute of limitations against beneficiaries who have no actual knowledge of such breaches.
If the grantor becomes disabled due to legal incompetency or physical incapacity, a designated successor trustee
steps in to manage the grantor's financial affairs.
The will also names his mother as the guardian of the children and singer Diana Ross as a successor trustee
to Jackson's mother if necessary.
(e) Trustee shall have, without exclusion, all powers conferred on Trustees by applicable law, unless expressly provided otherwise herein, provided, however, that if an insurance policy is held as an asset of the Trust, Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor Trustee
, or to loan to any person the proceeds of any borrowing against such policy.
"I have been one of four trustees of these trusts for the past five years and it has always been my intent to name a successor trustee
to replace me," Pruitt said.
[check] If the trust agreement provides beneficiaries or the current trustee with discretion in naming a successor trustee
, it should include provisions that the state tax impact should be considered in choosing a successor trustee
For setting up a trust, you'll name the trustee and successor trustee
. If you're setting up a revocable living trust, then the task of naming the initial trustee is not so hard.
You appoint someone (a successor trustee
) to make certain your estate goes to the ones you choose after your death.
The same result occurs where the grantor (or donor) dies while serving as successor trustee